$2.2M Funding Enables HarukaEdu to Scale Online Degree Programs
November 8, 2016: Pearson, the world's leading education company, today announces the latest investment made through the Pearson Affordable Learning Fund, (PALF). It is investing in HarukaEdu, a Jakarta-based startup that provides technology solutions to enable higher ed institutions to offer degrees online. Through this deal, HarukaEdu raises $2.2 million of funding led by PALF and Samator Education, alongside Cyber Agent Ventures.
The funding will enable HarukaEdu to develop its partnerships with top higher-education institutions in Indonesia to offer degrees online. It has currently signed with six institutions and is launching a new version of its integrated technology platform to help drive future growth - it aims to double the number of partnerships in 2017.
In these partnerships, HarukaEdu develops content with the university, delivers video-based lectures using their Learning Management System, and measures student outcomes.
“We are excited to invest in HarukaEdu and work with them to help low- and middle- income learners in Indonesia improve their employability prospects and income potential,” says T.T. Nguyen Duc, Head of Southeast Asia, PALF. “HarukaEdu has a rigorous pedagogical approach and a commitment to make high quality education accessible, two attributes that are critical to sustainable education companies. With this foundation, we believe they can provide millions of learners with greater upward mobility and drive up domestic and regional competitiveness of the Indonesian workforce.”
Novistiar Rustandi, Chief Executive Officer of HarukaEdu, said: “Our vision is to become a world class provider of higher ed technologies that support the delivery of quality, affordable, accessible, and sociable online learning. Through our platform, people can continuously acquire new skills and knowledge to stay relevant in this changing world. PALF shares the same vision and mission with HarukaEdu and has displayed a very strong commitment to helping us in realizing them. We believe PALF is the right, long-term partner for us in improving education in Indonesia.”
The online higher education market in Indonesia is a fast growing segment, currently valued at $6.5 bn according to Indonesia Census Bureau and an internal survey of demand for online higher education. HarukaEdu is uniquely positioned to grow and expects to reach 2,500 enrolments in 2017.
HarukaEdu also plays a role in increasing incomes and reducing unemployment in Indonesia as college graduates typically earn three times more than high school graduates earn in 10 years and the unemployment rate among college graduates is 50% less than high school graduates.
Katelyn Donnelly, Managing Director of the Pearson Affordable Learning Fund, said: “Indonesia is a large, dynamic market and high quality university education is paramount to ensuring the livelihood and success of the growing population. HarukaEdu is our first investment in online program management and we are excited about the potential to make learning more flexible and accessible to students in Indonesia.”
PALF has been active in South East Asia for several years, starting with its early investment in APEC Schools in neighboring country, the Philippines. The region has significant growth potential and clear demand from parents and students in Indonesia whilst there is a mismatch with existing quality and quantity of supply.
PALF invests in entrepreneurs who are improving education outcomes for low-income learners in the developing world, and has invested in countries including South Africa, Ghana, India, and the Philippines. This is its first investment into the online Higher Education space.
Pearson is the world’s learning company, with expertise in educational courseware and assessment, and a range of teaching and learning services powered by technology. Our mission is to help people make progress through access to better learning. We believe that learning opens up opportunities, creating fulfilling careers and better lives.
For more, visit www.Pearson.com
About the Pearson Affordable Learning Fund
The Pearson Affordable Learning Fund (PALF) was launched by Pearson in July 2012 with $15 million of capital. In January 2015, Pearson committed an additional $50 million in capital to expand PALF’s work within emerging markets. Its mandate is to invest in companies that can build quality, scalable education solutions to meet a growing demand for affordable educational services across Africa, Asia and Latin America.
For more, visit www.Affordable-Learning.com
Janine Matho (US)
Tom Steiner (UK)
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